Nigerian government has signed agreement under the Guided Trade Initiative (GTI) of the African Continental Free Trade Area (AfCFTA) Agreement to commence export of goods and services to a few countries outside ECOWAS regional block in April, 2024. The Executive Secretary of the National Action Committee on AfCFTA, Olusegun Awolowo, disclosed this on Thursday in…
Nigeria records $1.08bn capital importation in Q4 2023 Nigeria recorded a 66.27 per cent increase in capital importation in the fourth quarter of last year (Q4 2023), representing $1.08 billion compared to $654.65 million in the preceding quarter. This was disclosed on Tuesday by the National Bureau of Statistics (NBS). This was also slightly higher…
Governments of Nigeria and the United Kingdom will today sign the Enhanced Trade Investment Partnership (ETIP) Agreement to not just boost its trade volume but also reduce market access and regulatory barriers discouraging people from investing in either of both nations. The ETIP, which is just a step below the Free Trade Agreement between both…
The Federal Government through the Central Bank of Nigeria has raised the exchange rate for cargo clearance from N952/$ to N1.356 per dollar. This is coming weeks after the rate was increased from N783/$ to N952/$.In November, the exchange rate for cargo clearance was raised from N757 per dollar to N783 per dollar, representing a…
NAHCO unveils export processing centre in Lagos The Nigerian Aviation Handling Company (NAHCO) Plc has unveiled its Export Packaging and Processing Centre in Lagos. Speaking at the event on Friday, the Chairman of NAHCO’s Board of Directors, Dr Seinde Fadeni, sought the support of the Federal Government in achieving its objectives. While appreciating the Minister…
AfCFTA: Customs trains officers on Rule of Origin As Nigeria intensified efforts to start trade under African Continental Free Trade Area, AfCFTA, the Nigeria Customs Service has reiterated its commitment to enhancing border security and trade facilitation by engaging officers in various capacity-building workshops. The Comptroller-General of Customs, CGC Bashir Adewale Adeniyi, made the disclosure…
National, continental clash of interest hinders AfCFTA – Shettima Vice-President Kashim Shettima said trade negotiations for African Continental Free Trade Area (AfCFTA) have turned out to be too slow, with clashes between national and continental priorities. He said the setback has led to too few consummated deals among countries since January 2021 to date. Spokesperson…
World Bank forecasts 2.3% growth for global trade After lagging the pace of global growth in 2023, global trade is projected to pick up to 2.3 percent in 2024, mirroring projected growth in global output. This reflects a partial normalisation of trade patterns following exceptional weakness last year. The World Bank’s latest Global Economic Prospects…
Kaduna Customs records N16.38bn revenue in 2023 The Customs Area Controller, Kaduna Area Command, Comptroller Tijjani Abe, has highlighted his Command’s remarkable accomplishments in 2023, comprising revenue generation, stakeholders’ engagement, and corporate social responsibility. In a press release made signed on Thursday, by the Public Relations Officer of the command, Superintendent of Customs Muhammad Aminu,…
Barbara Bako, Abuja. FG — The Federal Government has expressed concern over the increasing exits of multinational companies from the country with a renewed commitment to firms exodus through policy reforms and improved business conditions. Minister of Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite, made the disclosure on Wednesday in Abuja during the trade…
